Flatiron’s Moment

Unlike other “it” neighborhoods, Flatiron hasn’t had recent rezoning that turned it from manufacturing to residential, and it wasn’t “discovered.”

“It’s always been there,” said CBRE broker David LaPierre at the breakfast. There may not have been a break-out retailer coming in and changing the neighborhood, but there has been a steady stream of high value retailers, tech companies, and residential projects.

It is in Midtown South, where tech companies burgeoned in briefly before spreading across the boroughs. Over 300 digital companies call Flatiron home—Tumblr, Twitter, Buzzfeed, Yelp, Sony, and others, including several co-working spaces.

There are 700 residential units in the pipeline and it is becoming more of a family neighborhood, according to Flatiron BID executive director Jennifer Brown. And as developers started assembling residential projects in the neighborhood, more and more retailers of the home variety filled in.

Retail vacancy is currently at 5.6 percent with just over 30 ground floor storefronts available.